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BCP: Solid Refinery, E&P Performance to Drive 2Q22-2022 Earnings

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>We reiterate the BUY call on BCP with a TP of Bt42.0. The 2Q22 net profit is expected to surge +198% YoY and +21% QoQ to Bt5.3bn. The significant YoY </li>
<li>Solid refinery performance to drive 2Q22 profit We expect BCP to post a 2Q22 net profit of Bt5.3bn (+198% YoY, +21% QoQ), a new quarterly high. </li>
<li>The refinery margin (GRM) should spike to US$24/bbl (+471% YoY, +251% QoQ), backed by the strong rise in product spreads due to demand surge and Ukraine-Russia war tensions. </li>
</ul>


We reiterate the BUY call on BCP with a TP of Bt42.0. The 2Q22 net profit is expected to surge +198% YoY and +21% QoQ to Bt5.3bn. The significant YoY 
Solid refinery performance to drive 2Q22 profit We expect BCP to post a 2Q22 net profit of Bt5.3bn (+198% YoY, +21% QoQ), a new quarterly high. 
The refinery margin (GRM) should spike to US$24/bbl (+471% YoY, +251% QoQ), backed by the strong rise in product spreads due to demand surge and Ukraine-Russia war tensions. 


BCP : Solid Refinery Performance to Drive 2Q22 Profit

Bangchak Corporation

BCP : Solid Refinery Performance to Drive 2Q22 Profit